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HomeMy WebLinkAbout1575 t a 4. That he will pey all taxes, assessments, wetet ~tes, and other governmental o~ municipel checges. tinest or impositions, for which provision has not been made herei~befae, and in defeult thereot the mortgagee may pay the same; and that he will promptly deliver the otticial receipts thecefor to the mongagee. ~ 5. That he will permit. cammit. c~c sufter no waste. impairme~t. or deterioration of said propecty or any part thereof; and in the event ot the failu~e of the mo~tgagor to keep the buildings on said premises and those tobe erected on said premises, or improvements thereon, in good.repair, the modgagee may make such repeics as in its discretio~ it may deem necessary for the proper pceservation thereof. a~d the full amount of each end every such payment shall be immediately due and peyable, and shall be secured ~y the lien of this mortgage. 6. That he will pay all and singuler the costs. chacges; and expenses, including reaso~able lawyer's (ees. and costs of abst~ects of title, incurred oc peid at a~y time by the modgegee because of the feilure on the pert of the mortgago~ promptly and fully to perform the agreements and covenents of said promissory note and this mort- gage, and said costs. charges. and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property, inaured es may be cequired fwm time to time by the matgagee against loss by fire and other hazards, casualties. and contin- gencies in such amounts and for such periods es may be required by mortgagee. and will pay promptly. when due, any premiums on such insurance for payment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by moct- ~ gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the modgegee. In event of loss he veill give immediate notice by mail to mortgagee, and mortgagee mey make proof oE loss if not made promptly by mortgagor, and each insurance compan3~ concerned is hereby authorized and directed to make payment for such loss directly to moctgagee instead of to mortgagor and mortgagee jointly. and the insurance pro- ceeds, or any part thereof, may be applied by moctgagee at its option either to the reduction of the i~debtedness hereby secured or to the cestoration or repair of the pcoperty damaged. In event of foreclosure of this mortgage Qr other transfer of title to the mortgaged propecty in extinguishment of the indebtedness secured hereby, all tight, title, and interest of the mortgagoc in and to any insura~ce policies then in Eorce shall pass to the purchaser oc grantee. 8. That the mortgagee may, at any time pending a suit upon this mortgage. apply to the court having jurisdic- tion thereof for the appointment of e receiver, and such cou~t shall forthwith appoint a receiver of the premises covered hecebp all and singular, including all and singular the income, profits, issues, and revenues from whatever source derived, each and every of which, it being expressly understood. is hereby mortgaged as if specifically set forth end desccibed in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said modgagee, and without ceference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency ot said modgagor or the defendents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such coud. In the event of any default on the part of the mortgagor hereunder, the mortgagor ag~ees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthty install- ments payable in the then current year plus the actual amount of the annual taxes, assessments. weter rates, and insurance premiums Eor such year not covered by the aforesaid monthly peyments. 9_ That (u! in the event of any breach of this mortgage or default on the part of the mortgagor, or (b) in the event that anp of said sums of money herein referred to be not promptly and fully paid without demand or notice, or (~J in the e~•ent that each and every the stipulations, agreements. conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in eithet or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and a!1 moneys secured i hereby, shall become due and payabie [orthwith. or thereafter, at the option oE said mortgagee, as fulty and com- ~ pletely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said E note a in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option oE said mactga- ~ gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had ; matured prior to its institution. The mortgagee may foreclose this moctgage, as to the amount so declared due and payabie, and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and allow- ances. In case of partial foreclosure of this mortgage, the modgaged premises shali be sold subject to the con- tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In s~ch case the provisions of this paragraph may again be availed of thereafter from time to time by the mortgagee. 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, tcansfer, or change of ownership of the premises. 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. 12. That it the mortgagor default in any of the covenants or agreements contained herein, or in said note, then the mortgagee may perform the same, and all expenditures (including reasonable attaney's fees) made by the mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable immediately and without demand by the mortgaga to the mortgagee, and, together with interest and costs accruing thereon, shall be secured by this mortgage. ' 13. that the mailing of a written notice or demand addressed to the owner of record of the mortgaged premises, or directed to the said owner at the last address actually furnished to the mortgegee, or directed to said awner at a said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in eny i case atising under this instrument and required by the provisions hereof or by law. j ~ 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible # ~ ~ for insurance under the National Housing Act within 30 days [rom the date hereof (written statement ~ of any officer o( the Department of Housing and Urban Development or authorized agent of the Secretary ot Hous- ~ ing and Urban Development dated subsequent to the 30 days time from ~the date of this modgage, ~ declining to insure said note and this mortgage, being deem~~d conclusive proof of suc6 ineligibility), the mortga- { ~ gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and pa~eble. ~ ~ The covenants herein contained shatl bind, and the benefits and advantages shall inure to, the respective f ~ heirs, executocs, administrators, successas. and assigns o[ the parties hereto. Whenever used, the singular num- _ ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. ~ eooK195 ~?cE1573 i r. _ ~ _ " ~s. .r' , .